Emyria posted a 5% lift in revenue in FY22 but losses deepened amid a sharp rise in expenditure.

The company reported a loss of A$7.3m for the 12 months ending June 30, up from $4.9m the previous year.

Revenue generated from patients through Emerald Clinics jumped 12% to $1.35m but income from research projects and data deals fell 39% to $469,000.

Stewart Washer: exciting year ahead

Overall revenue – which included a R&D grant of $1.2m – climbed 5% to $3.1m.

The wider loss came amid rising expenditure at the WA-based firm with share-based payments, wages and R&D costs all rising sharply as it continued its drug development program.

The company has a net working capital of $2.7m and a cash balance of $3.9m.

Writing in its annual report, Emyria chairman Dr Stewart Washer predicted 2023 would be a “momentous” year for the company.

“FY21 represented the building of a foundation – the establishment of a data-forward clinical service that learns from every patient,” he said. “In FY22 we added world-class drug development capabilities, setting up FY23 to be the most exciting and momentous in Emyria’s history.”

Emyria is currently pursuing an over-the-counter registration for its EMD-RX5 low dose CBD capsule, with a prescription product, EMD-RX7, also under development. Other formulations are in the pipeline.

Emyria is also exploring the potential of MDMA in partnership with the University of Western Australia.

Steve has reported for a number of consumer and B2B titles over a journalism career spanning more than three decades. He is a regulator contributor to health journal, The Medical Republic, writing on...

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